Michigan Education Savings Program Celebrates 25th Anniversary with $25,529 Donation to Scholarship for Foster Youth

The Michigan Education Savings Program (MESP), the state’s tax-advantaged 529 college savings plan managed by TIAA, celebrated its 25th anniversary on Friday with a $25,529 donation to the Fostering Futures Scholarship Trust Fund in Detroit. The donation, which matched contributions up to the symbolic amount, will provide scholarships to young adults who have experienced foster care and are enrolled at Michigan colleges and universities.

“For 25 years, MESP has been helping Michigan families prepare for higher education, and we’re proud to celebrate this milestone by supporting students who face some of the biggest hurdles,” said Jennifer Burke, Director of Education Savings at TIAA. “Every student deserves the opportunity to pursue their dreams, no matter their circumstances.”

As of August 31, MESP has supported over 198,220 beneficiaries and issued $6.48 billion in qualified withdrawals. This milestone year also brings new opportunities for account beneficiaries, as recently enacted state legislation expanded the ways in which MESP funds can be used from traditional college expenses to apprenticeship programs and even student loan repayment, offering families more flexibility than ever.

Since 2012, the Fostering Futures Scholarship Trust Fund has raised more than $1.4 million to help youth who have experienced foster care afford higher education. All contributions are tax-deductible. To learn more or to donate, visit FosteringFutures-MI.com.